ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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MORTGAGE-BACKED SECURITY Definition
MORTGAGE-BACKED SECURITY is a security that returns principal and interest monthly as payments are received on the underlying mortgages. Mortgage-backed securities are made up of individual home mortgages guaranteed by the government and its agencies. The mortgages are packaged into pools by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corp. (FHLMC) or a nongovernment-affiliated entity. Unscheduled repayment of principal can shorten the maturity of the bonds.
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REALES BOLIVIANOS is a currency of Argentina.
BLANKET AUTHORIZATION is direct authority to act without having to gain approval for each action. For example: "Blanket authorization was given to him for all his business travel".